Venture fundraising raised $4.88 billion in the first quarter, the industry’s third-highest tally since the recession ended, according to the National Venture Capital Association.

Forty-two U.S. venture funds were created in the first three months of the year, the NVCA said today in a statement. While the amount raised was the highest since the second quarter of 2009, it fell 35 percent from the year-ago period, when 46 funds reeled in $7.56 billion.

Even as venture firms downshift their investment pace from a year earlier, they’re benefiting from the best stretch of Internet initial public offerings in more than a decade. LinkedIn Corp., Zynga Inc., Groupon Inc. all went public at multibillion-dollar valuations last year, followed by Yelp Inc. this year, which is worth $1.4 billion. Facebook Inc. may sell shares next month at a valuation of as much as $100 billion.

Andreessen Horowitz, based in Menlo Park, California, raised the biggest single fund in the quarter, bringing in $1.5 billion from its limited partners. Canaan Partners and Bain Capital Ventures each raised $600 million in the period, while the biggest new firm to raise capital was Fraser McCombs Ventures, attracting $16.9 million, the NVCA said.

Bloomberg LP, the parent of Bloomberg News, is an investor in Andreessen Horowitz.